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TO: BOARD OF SUPERVISORS Contra
FROM: Dennis Barry, AICP
; Costa
Community Development Director
DATE: February 8, 2005 `'°sr,�---__=--. - u
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SUBJECT: Mortgage Credit Certificates
SPECIFIC REQUEST(S)OR RECOMMENDATION(S)&BACKGROUND AND JUSTIFICATION
RECOMMENDATION:
AUTHORIZE the Deputy Director — Redevelopment to prepare and submit the necessary
applications and certifications to the California Debt Limit Allocation Committee for
$11,718,345 million in Private Activity Bond Authority for Mortgage Credit Certificates.
FISCAL IMPACT:
None. No General Fund monies are involved. All costs associated with the issuance and
administration of this program are paid by fees assessed of program participants.
BACKGROUND:
Contra Costa County began operation of a Mortgage Credit Certificate (MCC) Program in June
1991. Mortgage Credit Certificates are an alternative means of assisting low and moderate
income firs -time homebuyers in achieving home ownership. The Contra Costa County
Mortgage edit Certificate Program has provided assistance to over 2,500 households.
Recipients of a Mortgage Credit Certificate are eligible for an income tax credit from the
federal government that effectively reduces their net mortgage payment by 200 basis points
(2%). The County's application to the California Debt Limit Allocation Committee (CDLAC) for
$11,718,345 million in Private Activity Bond Authority for Mortgage Credit Certificates is based
on State allocation procedures.
CONTINUED ON ATTACHMENT: YES SIGNATURE: "14 4
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMME N OF BOARD CO ITTEE
APPROVE OTHER
SIGNATURE(S):
-------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------------
ACTION OF BOARD ON4q V/�. APPROVE AS RECOMMENDED OTHER
VOTE OF SUPERVISORS I HEREBY CERTIFY THAT THIS IS A TRUE
AND CORRECT COPY OF AN ACTION TAKEN
UNANIMOUS(ABSENT ) AND ENTERED ON THE MINUTES OF THE
BOARD OF SUPERVISORS ON THE DATE
AYES: NOES: SHOWN.
ABSENT: ABSTAIN:
J
ATTESTED L )V�,5
CONTACT: Jim Kennedy 335-1255 JOHN SWEETEN,C RK OF HE
CC: Community Development BOARD OF SUPEF ISORS AND
Redevelopment Agency COUNTY ADMINISTRATOR
County Administrator
County Counsel '
BY ,DEPUTY
J K:Ih b/012002-mcc2005.bos